Virgin 0% BT - low minimum payment ?

docmarty

I'm thinking of applying for the Virgin 16 mth 0% BT card. The Summary Box
info seemed (at least to me!) to imply that the minimum monthly paymt would
likely be lower on this card than on many others. There is no mention of
paying a fixed % of the outstanding balance, rather it looks like it would
be 25 pounds (usually). Here's the text:

"If the balance shown on your statement is less than £25, it will be the total amount of the statement balance; or
if the balance shown on your statement is £25 or more, it will be whichever is the greater of £25; or the total of any Payment Protection Cover charges, interest and default charges plus £5."

For a balance of several k this would help really screw down the level
of monthly payment.
Would anyone who has got this card like to comment ? Thanks

poppy_f1

i dont have the virgin card but i do have another MBNA card and its a balance of 1700 and im paying 25 a month

dhassen

I pay 25£ a month as the minimum. It used to be just a fiver though!

docmarty

Thanks - that is encouraging.
Most other cards require 2% or so of the balance, which on a 4k balance
is obviously 80 pounds. I'd really like to drive my repayments as low as
possible (at least in the short term), so 25 would really be a help.

dhassen

yep... another advantage of the virgin (or mbna if they do it too) card... just watch out for that rate flying up when your 0% offer ends!

clearing_out_my_pockets

docmarty wrote: »

I'm thinking of applying for the Virgin 16 mth 0% BT card. The Summary Box
info seemed (at least to me!) to imply that the minimum monthly paymt would
likely be lower on this card than on many others. There is no mention of
paying a fixed % of the outstanding balance, rather it looks like it would
be 25 pounds (usually). Here's the text:

"If the balance shown on your statement is less than £25, it will be the total amount of the statement balance; or
if the balance shown on your statement is £25 or more, it will be whichever is the greater of £25; or the total of any Payment Protection Cover charges, interest and default charges plus £5."

For a balance of several k this would help really screw down the level
of monthly payment.
Would anyone who has got this card like to comment ? Thanks

Sorry - perhaps I'm missing something. If this is the text you have read, it seems to me to say that if your balance is more than £25, the minimum payment would be the total of any Payment Protection Cover charges, interest and default charges plus £5.

Or perhaps I really am missing something - my brain is a bit slow today :rotfl:

clearing_out_my_pockets

Ignore me. I'm being slow. I've re-read it now. Blonde moment.

~Yorkshire_Belle~

But beware - the first payment is more than £25 - can't recall percentage but do make sure you check and pay on time or 0% will be lost

kezzae

Hi, have been reading this post, my hubby has received this offer in the post, he has no credit cards, but I do - M&S card £930 balance - 0% until Aug and Barclaycard Platinum £450 balance - 15.9%, my hubby's idea was to balance transfer both debts onto this card in his name, can this be done???? Is it a good idea? Sorry Docmarty for asking this question on your post. xxx

YorkshireBoy

~Yorkshire_Belle~ wrote: »

But beware - the first payment is more than £25 - can't recall percentage but do make sure you check and pay on time or 0% will be lost

It used to be when the BT fee (+£5) was collected with the first minimum payment. Since approx last Sept/Oct (when they re-vamped the T&C's) the BT fee has been added to the balance, so the first minimum payment is only £25 now.

IWantToBeFree_2

kezzae wrote: »

Hi, have been reading this post, my hubby has received this offer in the post, he has no credit cards, but I do - M&S card £930 balance - 0% until Aug and Barclaycard Platinum £450 balance - 15.9%, my hubby's idea was to balance transfer both debts onto this card in his name, can this be done???? Is it a good idea? Sorry Docmarty for asking this question on your post. xxx

Yes it can.

With Virgin you can do a super balance transfer which means the money goes into your current account, so put it into his current account and then pay off your cards from there.